India Inc seeks tax cuts, fiscal stimulus to mitigate Covid-19 impact on economy

23 Mar 2020 Evaluate

In order to mitigate impact of Coronavirus pandemic (Covid-19) on the economy, India Inc has sought a host of measures, including a year-long moratorium by banks on debt repayment, tax cuts and fiscal stimulus amounting to Rs 2 lakh crore to needy citizens through Aadhaar-based direct benefit transfer. It said the country has already been facing growth deceleration, with GDP growth falling to 4.7 percent in third quarter of FY20 and impact of COVID-19 is likely to drag it down further in the fourth quarter.

CII Director General Chandrajit Banerjee has stated that if policy action is not taken urgently, the economic growth could slip to below 5 percent in FY21. He said fiscal and monetary stimulus measures need to be announced urgently. To improve market sentiments, that is currently witnessing extreme volatility, he said the government may consider removing the long-term capital gains (LTCG) tax of 10 percent and fixing the total Dividend Distribution Tax at 25 percent. It also suggested that GST payments should be on collection of Bills than on raising of invoices. This will help avoid liquidity getting locked in case there is a delay in payments. Among other measures, CII sought Repo rate reduction of 50 basis points and recommended that the RBI may consider relaxing the NPA recognition norms from 90 days to 180 days till September 30, 2020 to provide relief to the industry.

Giving a comprehensive note to the Covid-19 Economic Response Task Force headed by Finance Minister Nirmala Sitharaman, Assocham has sought a blanket year-long moratorium by banks on debt repayment both for corporates and individuals as also urgent infusion of liquidity by the Life Insurance Corporation of India into the NBFCs in a quasi-equity format. It also said it is difficult to prepare for a Black Swan event like the outbreak of the COVID-19 pandemic. India, like most other countries, has been deeply affected. Unfortunately for India, this has come at a time when the country's credit environment was already fragile and the economy was slowing down.

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